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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37329
Experience:  16 years real estate, Realtor. Landlord 26 years
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What happens when Fannie Mae now owns my property after the

Customer Question

What happens when Fannie Mae now owns my property after the judge denied my motion for an extension? Are they going to kick me out to the street hastily?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question..Has there already been a foreclosure auction where the bank was the high bidder?.Have you received any formal written eviction notice?..thanksBarrister
Customer: replied 1 year ago.
There was a foreclosure auction on March 29th. 2016 where Wells Fargo purchased the house, subsequently, Fannie Mae now owns it. An eviction notice has not been a formal eviction notice issued yet.
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Barrister replied 1 year ago.
Ok, to be honest, it is entirely up to the lender as to how fast they proceed and move to evict. .If the property has been sold to the bank, then the lender would have to bring an eviction action against you to take physical possession of the property. In such situation the bank will approach the court and ask for a hearing to decide when you should be going through foreclosure eviction. At the time of hearing the judge will decide how long you can stay before moving out..After the court orders your foreclosure eviction if you do not move out within 10 days then the new owner can obtain an execution of the eviction judgment by which the sheriff would get the right to remove you from the premises. The sheriff would normally give you 24 to 72 hours before physically showing up and removing you and your property...thanksBarrister
Customer: replied 1 year ago.
What happens if I file an appeal? Does that help as far as having extra time to find a place to live? How can I work with the lender and do I have any leverage at this point?
Expert:  Barrister replied 1 year ago.
If you file an appeal, it would stay any eviction action pending the outcome of the appeal. That means that you could get a couple month's time before the appeal was decided..But in many cases recently, the lender is not really in a huge hurry to evict the former owner if they are taking care of the place and not damaging anything. .With regard to the lender, it is entirely up to them as to whether they work with you and maybe agree to rent the property to you because you have a little leverage (i.e. you could file bankruptcy and delay them for 3-4 more months) but not a tremendous amount..If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided so I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me...thanks muchBarrister
Customer: replied 1 year ago.
Please be advised that I am canceling the free trial subscription on this site. I am advising you AHEAD of the deadline for the trial run; therefore, DO NOT charge PayPal in the future. Again, DO NOT charge PayPal in the future with additional payments. I have made myself clear and I know how slick these "so - called free trial" offers can be. I now have my request in writing and PayPal has been advised NOT to grant anymore payments to you. Thank you so much and please adhere to my request.
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Expert:  Barrister replied 1 year ago.
I am just an independent contractor on the website, not a JustAnswer employee. If you have a billing question or a subscription question, you would need to contact JustAnswer's customers service with any questions....thanksBarrister

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